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On September 1, 2010, Dental Equipment Corporation sold equipment priced at $635,000 in exchange for a nine month note receivable with an annual interest rate of 18.2%, all due at maturity.
a) Prepare the December 31, 2010 (fiscal year end), adjusting entry made by Dental with regard to this note receivable.
b) Prepare the entry made by Dental at maturity of note to record collection of note and interest.
c) Assume that the maker of the note defaults and Dental does not collect the note. Prepare the entry to be made.
A company rents 40,000 square feet of space and is using 30,000 square feet for its present operations. It wishes to add a new division that will use the remaining 10,000 square feet. However, the expansion requires a larger staff, bringing costs up ..
Using the financial statement effects template, show the effects on financial statements of the (1) 2010 restructuring charge of $1,198 million, and (2) 2010 cash payment of $846 million.
A single product produced by a continuous manufacturing process
question 1 in 2011 ace co. ltd exchanged machinery with bee co. ltd. following was related informationnbspaces
Assuming actual volume is 11,000 units and planned volume is 10,000 units, the sales volume variance
Explain what accountants are generally referring to when they talk about financial reporting and explain the generally accepted accounting principles (GAAP).
Determine the value of C if you earn 10% interest compoundede annually. a) $7,711 b) $5,794 c) $6,934 d) $6,522
For requirement 1.b., journalize the declaration of the 2012 dividends on December 22, 2012, and payment on January 14, 2013. Use separate Dividends payable accounts for preferred and common.
A firm pays $100 in period 1 to produce some goods. It sells those goods for $150 in period 2 but does not collect payment from its customers until period 3. Calculate the cash flows to the firm in each period by completing the following table. Do th..
On April 1 2015 Smith Inc factored 200,000 of accounts receivable to Cameron Factors Inc on a with recourse basis. Cameron assesses a 2% finance charge on the amount of the factored accounts receivable and retains an amount equal to 6% of the factore..
Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.
Molson-Coors Brewing Company reported the following operating information for a recent year (in millions): Assume that Molson-Coors sold 35 million barrels of beer during the year, variable costs were 80% of the cost of goods sold and 45% of marketin..
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